Italy: Vecoplan has announced the inauguration of its new Ferraro service and sales office in Emilia-Romagna. The supplier says that the facility has sufficient space for it to work on entire machines. In the future, it will also offer welding services for special components, including rotors.
Vecoplan's services head Jochen Pfeil said “The new warehouse will enable us to increase the availability of our machines and plants."
Kenya: The Supreme Court of Kenya has ordered lenders Absa Bank and KCB Group to not seize Savannah Cement's assets or appoint administrators or receivers for it after the producer defaulted on its debts. The producer's debts include US$2.41m in interest and US$110,000 in penalties. The temporary block will stand until the court issues further directions. Business Daily News has reported that the court has ordered Savannah Cement to pay US$81,200 to Absa Bank by 28 December 2022.
Savannah Cement director Benson Sande Ndete alleged that lenders coerced the company into repaying US$40.6m-worth of debt. The law forbids interest payments greater than the principal sum of a loan.
Ndete said, "The firm is working to complete the funding of its Kitui clinker plant project, which will allow it to get all the funds necessary to clear the debts."
Ethiopia: State media outlet EBC has reported on a 'clandestine cement trading network' in Addis Ababa. Cement prices are subject to a nationwide cap of US$112/t until the end of 2022. EBC has reported that illicit cement traders in parts of Addis Ababa were selling cement for US$373/t on 20 December 2022. In the same parts of the city, retailers reportedly said that they were out of stock of cement. Local media has alleged that cement distributors have intentionally created cement shortages.
India: Gujarat Sidhee Cement has temporarily shut down the kiln of its Sidheegram cement plant in Gujarat's Junagadh District for maintenance work. Reuters has reported that the closure will last from 19 December 2022 until 27 December 2022 at the earliest, during which time cement grinding and despatch operations will run as normal.
